After unexpectedly hosting an event for an out-of-favour political candidate, Four Seasons Total Landscaping expects to see its profits steadily decline each year going forward. Having recently paid...

After unexpectedly hosting an event for an out-of-favour political candidate,Four Seasons Total Landscaping expects to see its profits steadily decline each year going forward. Having recently paid its annual dividend of $$21.2521.25 per share, shares ofFour Seasons Total Landscaping currently trade at a market price of $$77.0277.02 each. After analysing its business, you determine that the appropriate cost of equity capital for the firm is 18.118.1% per annum due to relatively high levels of fixed costs and debt financing. Based on the above information, at what rate per annum does the market seem to believe that the dividends ofFour Seasons Total Landscaping will decrease?

The annual dividends are expected to decline in size by % per annum.
(Round toFOUR decimal places)